Joint Venture Audits
Vendor Recovery Audits
Contract Compliance Audits
Cost Recovery
& Risk Mitigation
Anti Corruption
& Fraud Prevention
Specialist Hydrocarbon Accounting
Field Office Accounting
Well Engineering Accounting


  Cost Recovery & Risk Mitigation

Cost Recovery and the mitigation of loss through non recovery is an area of the E&P business where Petroserve has significant experience gained in North and Sub Saharan Africa. We have seen Recovery rates of total Exploration and Development spend as low as 60% demonstrating the need for Companies to take regulatory compliance very seriously. Some governments may use every available means at their disposal to reject costs and save money. Our advice to all Operators is to take a "health check" as to the potential risks and shortcomings and take proactive remedial action before the start of a full cost recovery audit by the government.

Petroserve has a very objective approach to performing a cost recovery "health check" on behalf of client. It can also be included as part of the contract compliance audit and vendor audit. The principle objective is to conduct a rigorous pre cost recovery audit to establish gaps in regulatory compliance and/or record keeping to minimize losses through a future government cost recovery audit. This pre audit targets a review of:

A. Compliance with regulatory agreements.
B. Company internal Contract & Procurement policies and alignment with regulatory procedures.
C. Budgeting & Budgeting approvals at JMC and OC.
D. Cost Recovery record keeping.

Petroserve will establish audit planning and scope with client and over the course of the audit fully evaluate compliance shortcomings. The final report will recommend remedial action and establish compliance tables and check lists for future use.

 
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